How/When to pay credit card bills?

Anonymous · ‎03-08-2008

When am I supposed to pay the bills to keep the util down? Do I PIF once it posts to the account that I see online? Or once I get the statement, I just pay what is on that statement? I'm confused....lol I want to keep the util down. My score is coming up and we've recently got a few cards and I want to do the best I can.

Thanks for your help!

Anonymous · ‎03-08-2008

You want to pay it down before it reports. Every card has a different method.

Cap1 reports as of the payment date

HSBC (and stuff they manage) as of the last business day of the month

Many report as of the statement date (Citi for me) which is usually about 5 days after the payment date.

Investigation is required....

Anonymous · ‎03-08-2008

Me-DH-3Boys wrote:
When am I supposed to pay the bills to keep the util down? Do I PIF once it posts to the account that I see online? Or once I get the statement, I just pay what is on that statement? I'm confused....lol I want to keep the util down. My score is coming up and we've recently got a few cards and I want to do the best I can.

Thanks for your help!

Hi Me,

This is how I pay my CC payments. I PIF the statement balance. I make all of my CCs payment through online payment between 3~7 days before due date, and deposit the payment to my bank account same day or a day before I request the payment. Therefore, I will not get charge any interest. In this case, the CCC will report the balance to CB.

If you want to reduce your util, it is better to PIF the amount you charged on your CC before the CC's closing date. I learned from my mistake by not using one of my Amex card and let the balance as $0 long time. And ended-up Amex does report my balance because their are no activities on my account. Amex told me as long as I use the card they will report my balance to CB even I PIF what I have charged by closing date. This is good way to keep your util low.

I hope this will give you some idea.

Schoolbuskid · ‎03-08-2008

I called Cap1 to see when my statement end was and they said the 5th of every month then they report about 5 days after that to bureaus!(bill actually due on the 31st of everymonth) It would be a good idea to pay atleast a week or two before due date! Which i plan to do! Good Luck!

Rebuilding and Reducing Debt, is my game plan.

Anonymous · ‎03-08-2008

Schoolbuskid wrote:
I called Cap1 to see when my statement end was and they said the 5th of every month then they report about 5 days after that to bureaus!(bill actually due on the 31st of everymonth) It would be a good idea to pay atleast a week or two before due date! Which i plan to do! Good Luck!

Alright Schoolbuskid, don't even think about reporting date. The important dates are closing date and due date. PIF all the amount you charges as much as you can by no later than a day before closing date. And PIF the statement balance before the due date if there is any. Good Luck to you too!

Message Edited by bunnyrabbit on 03-08-2008 09:06 PM

Anonymous · ‎03-08-2008

bunnyrabbit wrote:

Schoolbuskid wrote:

I called Cap1 to see when my statement end was and they said the 5th of every month then they report about 5 days after that to bureaus!(bill actually due on the 31st of everymonth) It would be a good idea to pay atleast a week or two before due date! Which i plan to do! Good Luck!

Alright Schoolbuskid, don't even think about reporting date. The important dates are closing date and due date. PIF all the amount you charges as much as you can by no later than a day before closing date, and PIF the statement balance before the due date. Good Luck to you too!

I agree with bunnyrabbit. The reporting date is not really what you're interested in. The date they actually report is not that important; what is important is the date of the balance they report. For example, in the case of Cap1, even if they report a few days after the statement date, they are not reporting the balance as of that date, they are reporting the balance as of the statement date itself, so that is the date you want to target if you want to control reported balances.

Another example: With my Amex card, my statement date is always the 3rd or 4th, but they report on the 28th or 29th. For me to control the balance that Amex reports, I don't care what my balance is on the 28th or 29th, all I care about is my statement balance on the 3rd or 4th, since that's the balance that gets reported on the 28th or 29th.

The only exception to this that I am aware of is HSBC, who report on the last business day of the month and actually report the balance as of that day.

Schoolbuskid · ‎03-10-2008

Oh ok i see! The statement end date is what i need to look at! Gotcha!

Which according to cap 1 is the 5th of every month. But i always like to know when they report as well to expect changes to CR!

Thanks Guys!

Message Edited by Schoolbuskid on 03-10-2008 06:37 AM

Rebuilding and Reducing Debt, is my game plan.

Anonymous · ‎03-11-2008

Anytime Schoolbuskid! Good Luck.

And let us know how you are doing too once in a while.